As we can see, a clear double top has formed on the SP as it struggles to break resistance at 3000. Combined with the cracks that are beginning to show in the global economy, I believe this is a very clear case for shorting the S&P with our target being in the area of recent support
SL = 2990
TP = 2760
SL = 2990
TP = 2760
Trade closed: stop reached:
Today the S&P reached new records and unfortunately hit my stop. I am still bearish on the US economy and believe we are nearing a peak. However, I will continue to wait for a better short entry, as there is no telling how irrational the market will get before the bubble bursts.